Inaccurate __________ Is the Number-One Reason Why Many Small Businesses

question 70

Multiple Choice

Inaccurate __________ is the number-one reason why many small businesses go bankrupt.

• A)billing
• B)credit management
• C)cash flow projection
• D)demand forecasting

Understand the process of financial projections and their comparison to industry averages.

Understand the importance and components of a business plan.

Identify strategies for setting competitive prices and targeting the appropriate market.

Recognize the importance of the executive summary in a business plan.

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Definitions:

Strategic Plan

A long-term, overarching plan of action designed to achieve major goals and objectives within an organization.

Performance Goals

Specific, measurable targets set by an individual or team to achieve desired outcomes within a certain timeframe.

Strategic Intent

Strategic Intent refers to a company's ambitious and focused determination to achieve competitive advantage and operational goals, guiding its strategy and actions.

Competitive Positions

The standing of a company in relation to its competitors in the industry, determined by factors such as market share, product quality, and brand strength.